Hong Kong’s Securities and Futures Fee (SFC) has launched new measures to boost buyers’ training following the JPEX debacle.
In a Sept. 25 assertion, the monetary regulator introduced its intention to publish a complete record of licensed Digital Asset Buying and selling Platforms (VATPs) on its web site. This record will embody licensed platforms, these within the software course of, entities it has ordered to close down, and people it has deemed suspicious.
In accordance with the regulator, this complete record can be communicated transparently and well timed to alert buyers concerning the companies they need to work together with.
In addition to that, the fee intends to launch a fraud prevention publicity marketing campaign that may educate the general public on defending themselves towards fraud. Moreover, it plans to analyze and prosecute unlawful platforms, vowing to strengthen its intelligence-gathering course of on digital assets-related companies.
Lawmaker pushes for Web3 regulatory committee.
In the meantime, Hong Kong lawmaker Johnny Ng revealed he has written the legislative council to determine a subcommittee targeted on the rising business.
In accordance with him, this committee will complement the latest regulatory reforms by discussing the event of Web3 and digital property and inspecting the loopholes in present rules that allowed the implosion of JPEX.
Ng is a pro-crypto lawmaker who has persistently advocated for the business within the Asian metropolis. The lawmaker lately invited Ethereum (ETH) co-founder Vitalik Buterin to the area in order that he might acquire insights into Hong Kong’s cryptocurrency method.
JPEX’s case replace
Over the weekend, the South China Morning Put up reported that the police have arrested 11 people related to the JPEX case. In accordance with the report, the authorities are actively looking for Interpol help of their pursuit of the trade’s leaders, they usually have additionally efficiently frozen some cryptocurrencies linked to the fraud.
In its assertion, the SFC stated it could commonly evaluate the regulatory regime in Hong Kong and contemplate well timed measures in gentle of recent market developments. It added:
“The SFC will discover with the Police to arrange a devoted channel to share data on suspicious actions of and breaches by VATPs and to analyze the JPEX incident to carry the wrong-doers to justice.”
The implosion of the Hong Kong-based crypto trade had raised questions concerning the metropolis’s regulatory procedures. In accordance with experiences, the rug pull affected about 2,305 victims with about $178 million in losses.
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